Crudeoil yesterday settled up 0.41% at 6393 with supply disruptions around North America supported prices. Weekly U. S. inventory data from the American Petroleum Institute released late Tuesday showed crude stocks fell by 1.4 million barrels in the week to July 19, with unexpected declines in both gasoline and distillate stockpiles. Crude prices also seen pressure with investors anticipating an end to a summer demand spike. Worries about lower supply was also supportive of prices, with violence in the Middle East keeping Brent prices elevated. Crude supplies in the U. S. are down 27.1 million barrels in three weeks ended July 12, the most in weekly statistics dating back to 1982. Oil prices have been well-supported in recent sessions amid indications of improving demand from the U. S. Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day on Monday, extending a halt in oil exports, according to a senior oil industry source and one of the demonstrators. Also increasing supply risks, six people were killed in Cairo on Tuesday in violence between supporters and opponents of deposed President Mohamed Mursi, state-run media reported. Any Middle East conflict raises worries of disruption to oil-producing areas or shipments, although none has taken place due to the Egyptian crisis so far. Technically market is under fresh buying as market has witnessed gain in open interest by 0.08% to settled at 57181 while prices up 26 rupee, now Crudeoil is getting support at 6341 and below same could see a test of 6289 level, And resistance is now likely to be seen at 6426, a move above could see prices testing 6459.

Trading Ideas:

Crudeoil trading range for the day is 6289-6459.

Crude ended with gains as supply disruptions around North America supported prices.

Crude prices also seen pressure with investors anticipating an end to a summer demand spike.

Worries about lower supply was also supportive of prices, with violence in the Middle East keeping Brent Crude prices elevated.